In India, we are so used to the idea that foreign portfolio flows are channeled through `FIIs' that we have stopped seeing that it is a licensing system designed to fit the India of 1991. The participatory note market is a daily reminder of the rents that derive from canalisation. Today, I saw a map in Wall Street Journal showing the parts of the world where individuals can open accounts and do stock market trading. India is in the company of the worst run economies of the world. You may want to see some of my other materials on this subject.